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Markets open higher; oil and gas stocks rally

Markets open higher; oil and gas stocks rally
Markets opened the day higher led a rally in oil and gas stocks like Reliance Industries and Oil and Natural gas Corporation (ONGC).

The Sensex was trading higher by 24 points, while the Nifty gained 5 points in early trade. Nifty gainers included Hindustan Unilever, Infosys Technologies, ICICI Bank, Tata Motors and State Bank of India.

Shares of infrastructure builder GMR rose after the Group put its Rs 300-crore five-star hotel at the Rajiv Gandhi International Airport on the block.

Shares in real estate company Unitech jumped more than 3 per cent after reports that the CBI found no criminality in conversations between Chandra and its counsel.

Nifty shares that lost ground in trade were Maruti Suzuki, Larsen and Toubro, Mahindra and Mahindra, Sterlite Industries and Sun Pharma.

The Mid Cap index was trading marginally higher in trade with prominent gainers including GMR, Adani Enterprises, Reliance Communications and Syndicate Bank.

Shares of Pantaloon Retail rose after reports that the Future Group had agreed to sell a stake in its insurance group to Future Generalli.

Shares of JSW Steel dropped even after reports that company will commission the first phase of its new 2.3 million tonnes plant, which will produce high-grade automotive steel, by September this year.

Shares of Subex jumped 8 per cent after reports that Independent directors and activist Anil Singhvi sees Subex revival by June 2103. Amtek Auto also rose by more then 8 per cent after reports that the company is set to buy German company Neumayer Tekfor.

Meanwhile, markets in Asia were trading mixed with the Chinese Shanghai Composite and the Korean Kospi trading steady, while the Japanase Nikkei and the Hong Kong's Hang Sang gaining in trade.

Indian markets are largely expected to track global cues and would now look to the RBI's credit policy for further triggers.

Read more about: sensex nifty
Story first published: Monday, March 11, 2013, 9:40 [IST]
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